Nearing an intermediate top?

Channels held. Unfortunately, there's now the PDHs to deal with. Perfect conditions for chop.

 

wow shorts cant even get a break with terrible numbers.

 

If the bulls are in charge, bad news is good news

 

Who are the buyers who kept this market going up?

 

Daily chart:

 

No way of knowing. And it really doesn't matter. Just keep an eye on the volume.

 

updated $VXN chart.

 

As a matter if interest Elliott Wave Theory would place the OEX near the top of Wave 3 of an impulse wave starting at the 384.96 low, with a likely top near 591.00. However the wave could also extend to 655.00. Hence shorting at 591.00 without other evidence of exhaustion could be a coyote-and-roadrunner situation.

 

valley...you could be right, but if are a swing trader and you did go short off the target line as I show in the first post, I think you would have been pretty safe after the sell off this afternoon with your stop at at least a break even.

 

seems more likely than intermediate term top at this point -- but stay flexible.